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Oct
18

Field Guide to Making an Offer on a Las Vegas Short Sale

By Kathryn Bovard

Are you thinking of taking advantage of the great bargains in the Las Vegas short sale market? Before you make an offer, it’s best to know a little about the short sale process.

A short sale is different than a foreclosure in that the seller still owns the home and the seller as well as the bank will have to accept your offer. This can take anywhere from the average of five weeks to twelve weeks for bank approval.

There are great opportunities in short sales and you may want to consider them if:

  • You’re very patient. Most of the negotiations are between the bank and the third party negotiator and you may not receive much information on the ongoing process. Most negotiators are in weekly contact with the asset manager providing additional requested documentation which can be a slow process.
  • Flexible Time Frame. The process can take months but once the bank has accepted your offer, they will want to close quickly, usually in a matter of weeks or days. Make sure your financing is in order and ready to go.
  • There are no contingencies. If you have a home to sell, or you need to be in your home in a certain time frame, a short sale may not be for you.

If you’re still serious about making a short sale offer then it is important to have a qualified real estate professional who is experienced in the short sale process, their knowledge can increase your chances of a successful close of escrow.

Kathryn Bovard is experienced with the often lengthy and stressful Las Vegas short sale process.   If you are contemplating a  Las Vegas short sale , she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

Related posts:

  1. Las Vegas Short Sale Time Frame
  2. Will The Foreclosure Moratorium Impact Las Vegas Short Sales?
  3. Will Bank of America Lawsuit Affect the Las Vegas Short Sale Market?

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